Digitally Signed Document Document ID: 590ECD6430E22C ## Document Details: |**Filename:**|CH2144-Charity accounts (final)-LJ-20231220-
173355-109.PDF| |---|---| ||| |**Client of:**|Ashmole & Co| ## Signature Details |**Name:**|Ian Ambrose| |---|---| ||| |**Email:**|trustees@scmet.org.uk| ||| |**Date & Time:**|22/12/2023 09:14:36 AM (GMT)| ||| |**IP Address:**|146.198.107.72| ||| |**Signing Statement:**|Ian Ambrose confirms that the information is
correct and complete to the best of their
knowledge and belief.| ## Digital Certificate The approved PDF file has been digitally certified. Please check the Digital Certificate information in your PDF viewer to verify the Digital Certificate authenticity and the PDF has not been tampered with. |**On behalf of:**|Ashmole & Co| |---|---| ||| |**PDF digital certificate:**|IRIS Software Group Limited| ||| |**Digital certificate issued by:**|GlobalSign| Please keep a copy of this document for your records. is powered by IRIS OpenSpace. ``` REGISTERED COMPANY NUMBER: 04646479 (England and Wales) REGISTERED CHARITY NUMBER: 1096720 ``` ``` Report of the Trustees and ``` ``` Unaudited Financial Statements ``` ``` for the Year Ended 31st March 2023 ``` ## **`for`** ``` Swansea City Mission & Educational Trust ``` ``` Ashmole & Co Chartered Certified Accountants Castle House High Street Ammanford Carmarthenshire SA18 2NB ``` ``` Swansea City Mission & Educational Trust ``` ## **`Contents of the Financial Statements for the Year Ended 31st March 2023`** ||**`Page`**| |---|---| |**`Report of the Trustees`**|`1 to 7`| |**`Independent Examiner's Report`**|`8 to 9`| |**`Statement of Financial Activities`**|`10`| |**`Balance Sheet`**|`11 to 12`| |**`Notes to the Financial Statements`**|`13 to 21`| |**`Detailed Statement of Financial Activities`**|`22 to 23`| ## **`Swansea City Mission & Educational Trust`** ## **`Report of the Trustees for the Year Ended 31st March 2023`** ``` ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,present their reportwiththefinancialstatementsofthecharityfortheyearended31stMarch2023.Thetrustees have adoptedtheprovisionsofAccountingandReportingbyCharities:StatementofRecommended Practice applicableto charitiespreparingtheiraccountsin accordancewith the FinancialReportingStandard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ``` ``` Page 1 ``` ``` Swansea City Mission & Educational Trust ``` ## **`Report of the Trustees for the Year Ended 31st March 2023`** ## **`OBJECTIVES AND ACTIVITIES`** ## **`Objectives and aims`** ``` TheobjectiveistoadvancetheChristianfaithbythepromotionoftheGospeloftheLordJesus throughout South Wales and to advance the education of young people throughout the City and County of Swansea. ``` ``` OwnedbySwanseaCityMissionandEducationalTrust,inrecentyearsNicholastonHousebecamethe main focusandworkofthecharity.Purchasedin1998,overtheyearsofoperationbetween1998and2022, the Houseofferedvariousretreatsand courses,plus accommodationand spacefor churchand Christiangroups to stay residentially or just visit for the day. ``` ``` However,as has been clearlydocumentedin previousannual reports,NicholastonHouse has been in need of a majorrefurbishments(includingthe need to addresssignificantfire safetyissues)for manyyears,with costs in excessof£600,000tosimplymaintaintheexistingpremises(i.e.withoutanyexpansiontothespace for meetings,ministryandbedrooms)Despitebestendeavourstoraisethenecessaryfunds,therequired funds were not raised. ``` ``` Therefore,TrusteesofSwanseaCityMission&EducationalTrustconfirmedtheclosureofNicholaston House on Wednesday, 30 November 2022. ``` ``` SpeakingtoMembersofSwanseaCityMission&EducationalTrustattheAGMon22October2022,Chair of Trustees,MrGeoffThomas,said:"TheLordisleadingus,I believe,tobuildacentreintheheartof Swansea. This will affordus the opportunityto be far moreaccessibleto thosein desperateneed who wouldstruggle to access our services out on Gower and also to work in partnership with others. ``` ``` "TherelocationbackintotheheartofSwansea-literally'SwanseaCityMission's:missiontoSwansea'- and improved accessibility to those in real need, is aligning far more with the original aims of the Trust." ``` ``` Havingconsideredtheoptionsverycarefullyandprayerfully,TrusteesofSwanseaCityMission& Educational Trustcharitysincerelybelievethat puttingthe propertyup for sale is in the best interestof the charityand will helphugelytoresourcesocialneedin and aroundSwanseaCityCentre.Theaimis tostartconversations with potentialstrategicpartnersto help identifygaps in provisionand provideresourcesto supportexisting services and provisions, rather than duplicate them. ``` ``` ThisreroutingfromthepresentbaseonGowerandintotheheartofSwanseaseekstohelpmeeta variety of socialneedthroughpartnershipswithothersalreadyworkinganddeliveringoutreachservices.It is estimated thesaleoftheNicholastonHousesitewillreleasesignificantfundstoenabletheresourcingofavariety of servicestothoseaffectedbyhomelessness,addictionandmentalhealthissues.NicholastonHouseclosed its doors on 28 November 2022. ``` ``` Trusteeshavebeenconsultinglocalrealestateandplanningexpertswitha viewtothemosteffectivesale of the Nicholaston House site, as required by The Charities Act. ``` ``` Trustees value prayer for God-given wisdom, guidance and direction as the future for the charity unfolds. ``` ``` Page 2 ``` ``` Swansea City Mission & Educational Trust ``` ## **`Report of the Trustees for the Year Ended 31st March 2023`** ## **`OBJECTIVES AND ACTIVITIES`** ## **`Public benefit`** ``` The objectives outlined are clearly aimed at the welfare of the public, being open to all. ``` ``` TheTrusteeshavereferredtotheCharityCommission'sguidanceonpublicbenefitwhenreviewing the charity's aims and objectives and planning future activities. ``` ``` Page 3 ``` ``` Swansea City Mission & Educational Trust ``` ## **`Report of the Trustees for the Year Ended 31st March 2023`** ## **`ACHIEVEMENT AND PERFORMANCE`** ## **`Charitable activities`** ``` Despitethecontinuedchallengespresentedfollowingtheglobalcovid-19pandemic,regularmeetings of Trustees have taken place during the year. ``` ``` AttheAGMon22October2022,JimPenberthywasre-appointedasaTrusteeforafurther3-yearterm of office. Ian Ambrose was also appointed for a 3-year term. ``` ``` Fromtheperiodofoperationbetween1Apriland28November2022thefollowingactivities were undertaken: ``` ``` 16 personal retreat breaks ``` ``` 7 prayer and refreshing (prayer ministry) retreats ``` ``` 1 walking retreat (at Easter) ``` - `4 'breakfast on the beach/ retreats` ``` 25 group residential retreats and/or away days ``` ``` 3 quiet days ``` ``` 2 themed retreats ``` ``` 4 'prophetic art' courses and/or retreats Multiple 'Coffee by the Bryn' coffee shop guests Multiple 'Bryn Room' self catering guests ``` ``` 2 wedding receptions ``` ``` 1 open day ``` ``` Throughoutthe reportingperiod new team membersjoined at varioustimes to supportthe smooth-running of the Centreoperations.Ian Ambroseleft in August 2022,but kindly agreed to remainas a co-optedtrustee until later being appointed at the AGM on 22 October 2022. ``` ``` Trusteeswishtoexpresstheirheartfeltthanksandgratitudetoallthestaffandvolunteersof Nicholaston Houseforallthathasbeenachievedduringthistime,andindeedduringthelifetimeNicholastonHouse has beenoperationalasaChristianRetreatandConferenceCentre,despitetheexceptionalchallenges faced through covid-19 and with an aging facility in need of a major refurbishment. ``` ``` Trusteeswishtoacknowledgethecommitmentanddedicationofallthestaffwhocontinuedto work faithfully, despite being made redundant following the closure of Nicholaston House. ``` ``` FortherecordTrusteeswishtonotetheirsincerethanksforalltheworkandservicetoSwanseaCity Mission & EducationalTrust,and its workand ministrythroughNicholastonHouseChristianCentre,faithfully exercised bystaffandvolunteersoverthe24years-wecantakecomfortinthemanylivesthathavebeenblessed in many ways as a result. ``` ``` The following letter was communicated to volunteers on Wednesday, 7 December 2022: ``` ``` OnbehalfofeveryoneinvolvedwiththeministryandworkofNicholastonHouse,Iwouldliketotake this opportunity to say a very big 'thank you' for your service as a volunteer. ``` ``` Page 4 ``` ## **`Swansea City Mission & Educational Trust`** ## **`Report of the Trustees for the Year Ended 31st March 2023`** ``` Togetherwithvolunteersfromacrosstheministryandwork,muchofwhathasbeenachievedhasonly been madepossiblethanksto peoplelike you - yourwillingnessto serveand offeryourtime,energyand skillshas, I am very sure, been a blessingto so many.The Trusteesof SwanseaCity Mission& EducationalTrust would like to acknowledge and give God thanks for all you have done in His glorious service - thank you. ``` ``` AsIamsureyouareaware,TrusteesofSwanseaCityMission&EducationalTrustconfirmedtheclosure of NicholastonHouse on Wednesday,November30. The Lord is leading us, I believe,to build a centre in the heart of Swansea.This will affordus the opportunityto be far more accessibleto those in desperateneed who would struggletoaccessourservicesoutonGowerandalsotoworkinpartnershipwithothers.TheTrustees have thereforeconcludedthatNicholastonHousebesoldandthefundsfromthatsaleputtogooduseby the charitythroughmissionworkinandaroundSwansea.ThisisnottheendofSwanseaCityMission & Educational Trust, but a very new beginning facilitating an expansion of ministry in the heart of Swansea. ``` ``` As Trusteesof SwanseaCity Mission& EducationalTrust,we wouldbe delightedto stay in touchand keep you informedaboutdevelopments-pleasevisitournewwebsitewhereyoucankeepuptodateandsignup to receive our new e-newsletter: www.scmet.org.uk ``` ``` Once again, thank you for your voluntary service - may God bless you abundantly. ``` ## **`FINANCIAL REVIEW`** ## **`Financial position`** ``` TheHousewelcomedguestsforeightmonthsofthereportingyear,whichhashadanimpacton overall incomeforthereportingperiod.Repairstoanoldbuilding,verymuchinneedofmajorrefurbishment, were stillverymucha drainon financialresources,as theyhavebeen forsometimenow.Furthermore,an increase infuel,energyandconsumablecostsalsohadanimpactonthefinancialviabilityandsustainability of Nicholaston House. During this reporting period, redundancy payments were also made to staff. ``` ## **`Reserves policy`** ``` SwanseaCityMissionEducationalTrusthasmuchofitsreservestiedupinitsfreeholdproperty (Nicholaston House) and the maintenance thereof. ``` ``` Page 5 ``` ## **`Swansea City Mission & Educational Trust`** ## **`Report of the Trustees for the Year Ended 31st March 2023`** ## **`FUTURE PLANS`** ``` TheTrusteeshaveconcludedthatNicholastonHousebe soldandthefundsfromthatsaleputtogooduse by thecharitythroughmissionworkinandaroundSwansea.ThisisnottheendofSwanseaCityMission & Educational Trust, but a very new beginning facilitating an expansion of ministry in the heart of Swansea. Attheendof2022itbecameapparentlyobvioustoTrusteesthatGodwasbringingthemissional ministry work of NicholastonHouse to a close after some 24 years and desiredthat SwanseaCity Mission& Educational Trustworkcloselywithothersin theCityofSwansea.It hasbeena blessingandconfirmationtohave already beenabletoassistothercharitableoperations,withobjectivessimilartoourown,aheadofthe anticipated sale of Nicholaston House. ``` ``` AnumberofexcitingandevidentlyGod-incidenceshavetakenplacesincetheclosureofNicholaston House. Firstly,TrusteeswereapproachedbyAllNationsChurchinSwanseawithaviewtoassistingthem with equipmentand furniturefor their new Swanseacentrallocationin OxfordStreet.After Trusteesmet with their TrusteesandLeadershipitwasconcludedthatSwanseaCityMission&EducationalTrustwouldsupport their operations as a missional church by way of loaning them coffee shop equipment and furniture. ``` ``` Furthermore,itemsthatmightotherwisehavebeendisposedof as 'scrap'havebeendonatedto Rough Edges inSwansea-thisisafundraisingcharitablearmofZac'sPlaceinSwanseathatprovidesaplaceofrefuge to those in need. ``` ``` TrusteesareveryexcitedaboutthefutureandplansthatGodappearstohaveforthenewdirection and missionalworkofSwanseaCityMission&EducationalTrust-thereareplanstomeetwithothersin the comingsmonthswithaviewtoestablishingastrategyforthecharityoncethesaleofNicholastonHouse has been completed. ``` ``` A new identity- a new logo and brandingfor the charitywas commissionedand completedby 'Ginger & Tall' in Swansea(specialistsin graphicdesign,websitesanddigital,printanddistributionforcharities, not-for-profits, and organisations). Details of the new logo can be found at https://www.scmet.org.uk/our-new-look/. ``` ## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`** ## **`Governing document`** ``` The charityis controlledby its governingdocument,memorandumand articlesincorporated24 January 2003, and constitutes a limited company limited by guarantee, as defined by the Companies Act 2006. ``` ## **`Organisational structure`** ``` TheTrusteeshavenoformaltrainingproceduresinplaceandrelyontheirindividualspecialities and professionaltraining.All majordecisionsrelatingto services,staffingand policyare madeby the Trustees who holdregularmeetingsanddiscussions.Daytodayrunningoftheestablishmentisdelegatedto The Operations/House Manager who meet regularly with the Trustees. ``` ## **`Related parties`** ``` TheTrusteeprovidedthecharitywithaloantoassistwithcashflowissues,atthe31stMarch2023the loan balance was £11,000, no interest has been paid by the charity for this loan. ``` ``` During the 2022 year a trustees gave a donation of £2,000 to the charity. ``` ``` Page 6 ``` ``` Swansea City Mission & Educational Trust ``` ## **`Report of the Trustees for the Year Ended 31st March 2023`** ## **`REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number`** ``` 04646479 (England and Wales) ``` ## **`Registered Charity number`** ``` 1096720 ``` ## **`Registered office`** ``` Nicholaston House Penmaen Gower Swansea SA3 2HL ``` ## **`Trustees`** ``` His Hon M R Burr J C Penberthy G J Thomas J D Jones J Probert (resigned 14.6.23) E Fok (resigned 22.10.22) I Ambrose (appointed 22.10.22) ``` ## **`Company Secretary`** ``` J D Jones ``` ## **`Independent Examiner`** ``` D.M.T Gould B.A (Hons), F.C.C.A Ashmole & Co Chartered Certified Accountants Castle House High Street Ammanford Carmarthenshire SA18 2NB ``` ## **`Solicitors`** ``` Messrs Beor Wilson Lloyd, incorporating Peter Williams & Co, Swansea. ``` ``` Approved by order of the board of trustees on 21st December 2023 and signed on its behalf by: ``` ``` G J Thomas - Trustee ``` ``` Page 7 ``` ## **`Independent Examiner's Report to the Trustees of Swansea City Mission & Educational Trust`** ## **`Independent examiner's report to the trustees of Swansea City Mission & Educational Trust ('the Company')`** ``` IreporttothecharitytrusteesonmyexaminationoftheaccountsoftheCompanyfortheyear ended 31st March 2023. ``` ## **`Responsibilities and basis of report`** ``` Asthecharity'strusteesoftheCompany(andalsoitsdirectorsforthepurposesofcompanylaw)you are responsibleforthepreparationoftheaccountsinaccordancewiththerequirementsoftheCompanies Act 2006 ('the 2006 Act'). ``` ``` Havingsatisfiedmyselfthattheaccountsof theCompanyarenotrequiredtobe auditedunderPart16of the 2006Act and areeligibleforindependentexamination,I reportin respectof myexaminationof your charity's accountsascarriedoutunderSection145oftheCharitiesAct2011('the2011Act').Incarryingout my examinationIhavefollowedtheDirectionsgivenbytheCharityCommissionunderSection145(5)(b)of the 2011 Act. ``` ``` Page 8 ``` ## **`Independent Examiner's Report to the Trustees of Swansea City Mission & Educational Trust`** ## **`Independent examiner's statement`** ``` I have completedmy examination.I confirmthat no mattershave come to my attentionin connectionwith the examination giving me cause to believe: ``` `1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or` `2. the accounts do not accord with those records; or` `3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or` `4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).` ``` Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be reached. ``` ``` D.M.T Gould B.A (Hons), F.C.C.A ``` ``` The Association of Chartered Certified Accountants ``` ``` Ashmole & Co Chartered Certified Accountants Castle House High Street Ammanford Carmarthenshire SA18 2NB ``` ``` 22nd December 2023 ``` ``` Page 9 ``` ## **`Swansea City Mission & Educational Trust`** ## **`Statement of Financial Activities`** ## **`for the Year Ended 31st March 2023`** |`31.3.23`
`Unrestricted`
`Restricted`
`Total`
`funds`
`funds`
`funds`
`Notes`
`£`
`£`
`£`
**`INCOME AND ENDOWMENTS FROM`**
`Donations and legacies`
`44,713`
`-`
`44,713`
**`Charitable activities`**
`Christian Retreat & Ministry; B&B &`
`Conference Centre`
`142,828`
`-`
`142,828`
`Other trading activities`
`2`
`639`
`-`
`639`
`Investment income`
`3`
`8`
`-`
`8`
`Other income`
`-`
`-`
`-`
**`Total`**
`188,188`
`-`
`188,188`
**`EXPENDITURE ON`**
**`Charitable activities`**
`Christian Retreat & Ministry; B&B &`
`Conference Centre`
`184,347`
`-`
`184,347`
`Net gains on investments`
`-`
`1,078,284`
`1,078,284`
**`NET INCOME/(EXPENDITURE)`**
`3,841`
`1,078,284`
`1,082,125`
**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
`673,009`
`63,107`
`736,116`
**`TOTAL FUNDS CARRIED FORWARD`**
`676,850`
`1,141,391`
`1,818,241`|`31.3.22`
`Total`
`funds`
`£`
`93,666`
`121,406`
`751`
`-`
`16,310`
`232,133`
`261,446`
`-`
`(29,313)`
`765,429`
`736,116`| |---|---| ``` The notes form part of these financial statements ``` ``` Page 10 ``` ## **`Swansea City Mission & Educational Trust`** ## **`Balance Sheet`** ## **`31st March 2023`** |`Notes`
**`FIXED ASSETS`**
`Tangible assets`
`8`
**`CURRENT ASSETS`**
`Stocks`
`9`
`Debtors`
`10`
`Cash at bank and in hand`
**`CREDITORS`**
`Amounts falling due within one year`
`11`
**`NET CURRENT ASSETS`**
**`TOTAL ASSETS LESS CURRENT LIABILITIES`**
**`CREDITORS`**
`Amounts falling due after more than one year`
`12`
**`NET ASSETS`**
**`FUNDS`**
`15`
`Unrestricted funds`
`Restricted funds`
**`TOTAL FUNDS`**|`Unrestricted`
`funds`
`£`
`878,663`
`-`
`2,515`
`-`
`2,515`
`(75,410)`
`(72,895)`
`805,768`
`(128,918)`
`676,850`|`Restricted`
`funds`
`£`
`1,139,181`
`-`
`2,185`
`25`
`2,210`
`-`
`2,210`
`1,141,391`
`-`
`1,141,391`|`31.3.23`
`Total`
`funds`
`£`
`2,017,844`
`-`
`4,700`
`25`
`4,725`
`(75,410)`
`(70,685)`
`1,947,159`
`(128,918)`
`1,818,241`
`676,850`
`1,141,391`
`1,818,241`|`31.3.22`
`Total`
`funds`
`£`
`898,877`
`7,120`
`16,725`
`5,163`
`29,008`
`(45,793)`
`(16,785)`
`882,092`
`(145,976)`
`736,116`
`673,009`
`63,107`
`736,116`| |---|---|---|---|---| ``` Thecharitablecompanyis entitledtoexemptionfromauditunderSection477of theCompaniesAct2006 for the year ended 31st March 2023. ``` ``` The membershavenot requiredthe companyto obtainan auditof its financialstatementsfor the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006. ``` ``` The notes form part of these financial statements ``` ``` continued... ``` ``` Page 11 ``` ## **`Swansea City Mission & Educational Trust`** ## **`Balance Sheet - continued`** ## **`31st March 2023`** ``` The trustees acknowledge their responsibilities for ``` - `(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and` - `(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.` ``` Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable companies subject to the small companies regime. ``` ``` ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on 21st December 2023 and were signed on its behalf by: ``` ``` G J Thomas - Trustee ``` ``` J D Jones - Trustee ``` ``` The notes form part of these financial statements ``` ``` Page 12 ``` ``` Swansea City Mission & Educational Trust ``` ## **`Notes to the Financial Statements`** ## **`for the Year Ended 31st March 2023`** ## **`1. ACCOUNTING POLICIES`** ## **`Basis of preparing the financial statements`** ``` The financialstatementsof the charitablecompany,which is a public benefitentityunder FRS 102, have been preparedin accordancewith the CharitiesSORP(FRS 102)'Accountingand Reportingby Charities: StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsin accordance with the FinancialReportingStandardapplicablein the UK and Republicof Ireland(FRS 102)(effective 1 January2019)',FinancialReportingStandard102'The FinancialReportingStandardapplicablein the UK andRepublicofIreland'andtheCompaniesAct2006.Thefinancialstatementshavebeen prepared under the historical cost convention, as modified by the revaluation of certain assets. ``` ## **`Income`** ``` All incomeis recognisedin the Statementof FinancialActivitiesoncethe charityhas entitlementto the funds, it is probable that the income will be received and the amount can be measured reliably. ``` ## **`Expenditure`** ``` Liabilitiesare recognisedas expenditureas soon as there is a legal or constructiveobligation committing thecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequired in settlementand the amountof the obligationcan be measuredreliably.Expenditureis accountedfor on an accrualsbasisand has been classifiedunderheadingsthataggregateall costrelatedto the category. Wherecostscannotbedirectlyattributedtoparticularheadingstheyhavebeenallocatedto activities on a basis consistent with the use of resources. ``` ## **`Stocks`** ``` Stocksare valuedat the lowerof costand net realisablevalue,aftermakingdue allowancefor obsolete and slow moving items. ``` ## **`Taxation`** ``` The charity is exempt from corporation tax on its charitable activities. ``` ## **`Fund accounting`** ``` Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the trustees. ``` ``` Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity. Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedforparticular restricted purposes. ``` ``` Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial statements. ``` ## **`Hire purchase and leasing commitments`** ``` RentalspaidunderoperatingleasesarechargedtotheStatementofFinancialActivitiesona straight line basis over the period of the lease. ``` ``` continued... ``` ``` Page 13 ``` ## **`Swansea City Mission & Educational Trust`** ## **`Notes to the Financial Statements - continued for the Year Ended 31st March 2023`** ## **`1. ACCOUNTING POLICIES - continued`** ## **`Pension costs and other post-retirement benefits`** ``` The charitablecompanyoperatesa definedcontributionpensionscheme.Contributionspayableto the charitablecompany'spensionschemeare chargedto the Statementof FinancialActivitiesin the period to which they relate. ``` ## **`2. OTHER TRADING ACTIVITIES`** |**`2.`**|**`OTHER TRADING ACTIVITIES`**||| |---|---|---|---| |||`31.3.23`|`31.3.22`| |||`£`|`£`| ||`Shop & resource sales`|`639`|`751`| |**`3.`**|**`INVESTMENT INCOME`**||| |||`31.3.23`|`31.3.22`| |||`£`|`£`| ||`Deposit account interest`|`8`|`-`| ## **`4. NET INCOME/(EXPENDITURE)`** ``` Net income/(expenditure) is stated after charging/(crediting): ``` ||`31.3.23`|`31.3.22`| |---|---|---| ||`£`|`£`| |`Depreciation - owned assets`|`1,848`|`14,416`| |`Other operating leases`|`450`|`1,029`| ## **`5. TRUSTEES' REMUNERATION AND BENEFITS`** ``` There were no trustees'remunerationor otherbenefitsfor the year ended 31st March2023nor for the year ended 31st March 2022. ``` ## **`Trustees' expenses`** ``` Therewerenotrustees'expensespaidfortheyearended31stMarch2023norfortheyear ended 31st March 2022. ``` ``` continued... ``` ``` Page 14 ``` ## **`Swansea City Mission & Educational Trust`** ## **`Notes to the Financial Statements - continued for the Year Ended 31st March 2023`** ## **`6. STAFF COSTS`** ``` The average monthly number of employees during the year was as follows: ``` |`Administrative and Management`
`General Assistants`
`Catering`
`General Assistants (casual)`
`Ministry support`|`31.3.23`
`2`
`1`
`2`
`5`
`2`
`12`|`31.3.22`
`2`
`1`
`2`
`5`
`2`
`12`| |---|---|---| ``` No employees received emoluments in excess of £60,000. ``` ## **`7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`** |`Unrestricted`
`funds`
`£`
**`INCOME AND ENDOWMENTS FROM`**
`Donations and legacies`
`93,666`
**`Charitable activities`**
`Christian Retreat & Ministry; B&B &`
`Conference Centre`
`121,406`
`Other trading activities`
`751`
`Other income`
`16,310`
**`Total`**
`232,133`
**`EXPENDITURE ON`**
**`Charitable activities`**
`Christian Retreat & Ministry; B&B &`
`Conference Centre`
`256,908`
**`NET INCOME/(EXPENDITURE)`**
`(24,775)`
**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
`697,784`|`Restricted`
`funds`
`£`
`-`
`-`
`-`
`-`
`-`
`4,538`
`(4,538)`
`67,645`|`Total`
`funds`
`£`
`93,666`
`121,406`
`751`
`16,310`
`232,133`
`261,446`
`(29,313)`
`765,429`| |---|---|---| ``` continued... ``` ``` Page 15 ``` ## **`Swansea City Mission & Educational Trust`** ## **`Notes to the Financial Statements - continued`** ## **`for the Year Ended 31st March 2023`** |**`7.`**
**`COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued`**
`Unrestricted`
`funds`
`£`
**`TOTAL FUNDS CARRIED FORWARD`**
`673,009`
**`8.`**
**`TANGIBLE FIXED ASSETS`**
`Improvements`
`Freehold`
`to`
`property`
`property`
`£`
`£`
**`COST OR VALUATION`**
`At 1st April 2022`
`857,836`
`63,881`
`Additions`
`-`
`-`
`Revaluations`
`1,078,284`
`-`
`At 31st March 2023`
`1,936,120`
`63,881`
**`DEPRECIATION`**
`At 1st April 2022`
`34,312`
`3,834`
`Charge for year`
`-`
`-`
`Revaluation adjustments`
`(34,312)`
`(3,834)`
`At 31st March 2023`
`-`
`-`
**`NET BOOK VALUE`**
`At 31st March 2023`
`1,936,120`
`63,881`
`At 31st March 2022`
`823,524`
`60,047`
`Cost or valuation at 31st March 2023 is represented by:`
`Improvements`
`Freehold`
`to`
`property`
`property`
`£`
`£`
`Valuation in 2022`
`1,078,284`
`-`
`Cost`
`857,836`
`63,881`
`1,936,120`
`63,881`|**`7.`**
**`COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued`**
`Unrestricted`
`funds`
`£`
**`TOTAL FUNDS CARRIED FORWARD`**
`673,009`
**`8.`**
**`TANGIBLE FIXED ASSETS`**
`Improvements`
`Freehold`
`to`
`property`
`property`
`£`
`£`
**`COST OR VALUATION`**
`At 1st April 2022`
`857,836`
`63,881`
`Additions`
`-`
`-`
`Revaluations`
`1,078,284`
`-`
`At 31st March 2023`
`1,936,120`
`63,881`
**`DEPRECIATION`**
`At 1st April 2022`
`34,312`
`3,834`
`Charge for year`
`-`
`-`
`Revaluation adjustments`
`(34,312)`
`(3,834)`
`At 31st March 2023`
`-`
`-`
**`NET BOOK VALUE`**
`At 31st March 2023`
`1,936,120`
`63,881`
`At 31st March 2022`
`823,524`
`60,047`
`Cost or valuation at 31st March 2023 is represented by:`
`Improvements`
`Freehold`
`to`
`property`
`property`
`£`
`£`
`Valuation in 2022`
`1,078,284`
`-`
`Cost`
`857,836`
`63,881`
`1,936,120`
`63,881`|`Restricted`
`funds`
`£`
`63,107`
`Fixtures`
`and`
`fittings`
`£`
`58,701`
`4,385`
`-`
`63,086`
`43,395`
`1,848`
`-`
`45,243`
`17,843`
`15,306`
`Fixtures`
`and`
`fittings`
`£`
`-`
`63,086`
`63,086`|`Total`
`funds`
`£`
`736,116`
`Totals`
`£`
`980,418`
`4,385`
`1,078,284`
`2,063,087`
`81,541`
`1,848`
`(38,146)`
`45,243`
`2,017,844`
`898,877`
`Totals`
`£`
`1,078,284`
`984,803`
`2,063,087`|`Total`
`funds`
`£`| |---|---|---|---|---| |||||`736,116`| |||||| |||||| |||||| |||||| |||||| |||||| |||||| ``` The freehold property was valued on an open market basis on 1st December 2022 by Dawsons. ``` ``` continued... ``` ``` Page 16 ``` ## **`Swansea City Mission & Educational Trust`** ## **`Notes to the Financial Statements - continued`** ## **`for the Year Ended 31st March 2023`** |**`9.`**
**`STOCKS`**
`Stocks`
**`10.`**
**`DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
`Other debtors`
`Tax & Social security`
`Gift aid claims`
`VAT`
**`11.`**
**`CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
`Bank loans and overdrafts (see note 13)`
`VAT`
`Other creditors`
`Loan from Trustees`
`Accrued expenses`|`31.3.23`
`£`
`-`
`31.3.23`
`£`
`2,202`
`2,071`
`427`
`-`
`4,700`
`31.3.23`
`£`
`57,707`
`437`
`1,266`
`11,000`
`5,000`
`75,410`|`31.3.22`
`£`
`7,120`
`31.3.22`
`£`
`2,307`
`559`
`13,296`
`563`| |---|---|---| |||`16,725`| |||`31.3.22`
`£`
`20,157`
`-`
`21,205`
`-`
`4,431`| |||`45,793`| ``` continued... ``` ``` Page 17 ``` ## **`Swansea City Mission & Educational Trust`** ## **`Notes to the Financial Statements - continued`** ## **`for the Year Ended 31st March 2023`** |**`12.`**
**`CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR`**
`Bank loans (see note 13)`
**`13.`**
**`LOANS`**
`An analysis of the maturity of loans is given below:`
`Amounts falling due within one year on demand:`
`Bank overdrafts`
`Bank loans`
`Amounts falling due between two and five years:`
`Bank loans - 2-5 years`
`Amounts falling due in more than five years:`
`Repayable by instalments:`
`Bank loans more 5 yr by instal`
**`14.`**
**`SECURED DEBTS`**
`The following secured debts are included within creditors:`
`Bank loans`|`31.3.23`
`£`
`128,918`
`31.3.23`
`£`
`39,670`
`18,037`
`57,707`
`60,979`
`67,939`
`31.3.23`
`£`
`146,955`|`31.3.22`
`£`
`145,976`|`31.3.22`
`£`
`145,976`| |---|---|---|---| |||`31.3.22`
`£`
`-`
`20,157`
`20,157`
`76,512`
`69,464`
`31.3.22`
`£`
`166,133`|`31.3.22`
`£`
`-`
`20,157`| ||||`20,157`| ||||`76,512`| ``` Bank borrowings are secured by means of a charge over the charities freehold property. ``` ``` continued... ``` ``` Page 18 ``` ## **`Swansea City Mission & Educational Trust`** ## **`Notes to the Financial Statements - continued`** ## **`for the Year Ended 31st March 2023`** ## **`15. MOVEMENT IN FUNDS`** |`At 1.4.22`
`£`
**`Unrestricted funds`**
`General fund`
`673,009`
**`Restricted funds`**
`Share capital by guarantee`
`850`
`Property Development Fund`
`62,257`
`Revaluation Reserve`
`-`
`63,107`
**`TOTAL FUNDS`**
`736,116`
`Net movement in funds, included in the above are as follows:`
`Incoming`
`Resources`
`resources`
`expended`
`£`
`£`
**`Unrestricted funds`**
`General fund`
`188,188`
`(184,347)`
**`Restricted funds`**
`Revaluation Reserve`
`-`
`-`
**`TOTAL FUNDS`**
`188,188`
`(184,347)`|`Net`
`movement`
`in funds`
`£`
`3,841`
`-`
`-`
`1,078,284`
`1,078,284`
`1,082,125`
`Gains and`
`losses`
`£`
`-`
`1,078,284`
`1,078,284`|`At`
`31.3.23`
`£`
`676,850`
`850`
`62,257`
`1,078,284`
`1,141,391`
`1,818,241`
`Movement`
`in funds`
`£`
`3,841`
`1,078,284`
`1,082,125`| |---|---|---| ``` continued... ``` ``` Page 19 ``` ## **`Swansea City Mission & Educational Trust`** ## **`Notes to the Financial Statements - continued for the Year Ended 31st March 2023`** ## **`15. MOVEMENT IN FUNDS - continued`** ## **`Comparatives for movement in funds`** |**`Unrestricted funds`**
`General fund`
**`Restricted funds`**
`Share capital by guarantee`
`Property Development Fund`
**`TOTAL FUNDS`**
`Comparative net movement in funds, included in the above are`
**`Unrestricted funds`**
`General fund`
**`Restricted funds`**
`Property Development Fund`
**`TOTAL FUNDS`**|`At 1.4.21`
`£`
`697,784`
`850`
`66,795`
`67,645`
`765,429`
`as follows:`
`Incoming`
`resources`
`£`
`232,133`
`-`
`232,133`|`Net`
`movement`
`At`
`in funds`
`31.3.22`
`£`
`£`
`(24,775)`
`673,009`
`-`
`850`
`(4,538)`
`62,257`
`(4,538)`
`63,107`
`(29,313)`
`736,116`
`Resources`
`Movement`
`expended`
`in funds`
`£`
`£`
`(256,908)`
`(24,775)`
`(4,538)`
`(4,538)`
`(261,446)`
`(29,313)`| |---|---|---| ## **`Designated Fund`** ## **`Property Development Fund`** ``` Specified donations received towards planned property developments. ``` ## **`Restricted Funds`** ## **`SDF Fund`** ``` Grant received for maintenance and upkeep property gardens and grounds. ``` ## **`Revaluation Reserves`** ``` continued... ``` ``` Page 20 ``` ``` Swansea City Mission & Educational Trust ``` ## **`Notes to the Financial Statements - continued for the Year Ended 31st March 2023`** ## **`15. MOVEMENT IN FUNDS - continued`** ``` A restricted fund in relation to the the revaluation of the property, Nicholston House. ``` ## **`16. RELATED PARTY DISCLOSURES`** ``` Duringtheperiodthreetrusteesprovidedloanstothecharitytoassistwithcashflowissues. The balance owing owing at the period end date amounted to £11,000.These loans are interest free. ``` ``` During the 2022 year a trustee made a donation of £2,000 to the charity. ``` ## **`17. GOING CONCERN`** ``` Thecharity'strusteesandmanagementhaveassessedtheCharity'sfinancialpositionfollowingthe last accountingyear.TheCharityiscurrentlyofferingitspropertyforsaletogeneratedsufficientfunds to continueitsactivitiesoverfutureperiods.TheTrustee'sbelievethatthecharityisagoingconcern and its accounts have been prepared under this basis. ``` ``` Page 21 ``` ## **`Swansea City Mission & Educational Trust`** |**`Detailed Statement of Financial Activities`**||| |---|---|---| |**`for the Year Ended 31st March 2023`**||| ||`31.3.23`|`31.3.22`| ||`£`|`£`| |**`INCOME AND ENDOWMENTS`**||| |**`Donations and legacies`**||| |`Donations & Gifts`|`39,071`|`80,417`| |`Gift aid`|`5,642`|`13,249`| ||`44,713`|`93,666`| |**`Other trading activities`**||| |`Shop & resource sales`|`639`|`751`| |**`Investment income`**||| |`Deposit account interest`|`8`|`-`| |**`Charitable activities`**||| |`Christian Retreat & Ministry;B &B Conference`||| |`Centre Income`|`142,828`|`121,406`| |**`Other income`**||| |`Government grant`|`-`|`16,310`| |**`Total incoming resources`**|`188,188`|`232,133`| |**`EXPENDITURE`**||| |**`Charitable activities`**||| |`Wages`|`104,283`|`81,595`| |`Social security`|`-`|`718`| |`Pensions`|`1,964`|`3,161`| |`Rates and water`|`2,756`|`4,500`| |`Insurance`|`3,598`|`2,689`| |`Light and heat`|`16,076`|`14,669`| |`Food & consumables`|`36,736`|`29,017`| |`Travelling and motor`|`252`|`618`| |`Speaker fees`|`2,929`|`4,980`| |`Repairs & maintenance`|`10,197`|`41,252`| |`Carried forward`|`178,791`|`183,199`| ``` This page does not form part of the statutory financial statements ``` ``` Page 22 ``` ## **`Swansea City Mission & Educational Trust`** ## **`Detailed Statement of Financial Activities`** |**`Charitable activities`**
`Brought forward`
`Event costs`
`Staff training`
`Depreciation of tangible fixed assets`
`Bank loan interest and charges`
**`Support costs`**
**`Management`**
`Wages`
`Pensions`
`Telephone`
`Postage and stationery`
`Advertising`
`Sundries`
`Professional fees & IT costs`
`Subscriptions & licences`
**`Finance`**
`Other operating leases`
**`Governance costs`**
`Accountancy & Bookkeeping`
`Total resources expended`
**`Net income/(expenditure)`**|**`for the Year Ended 31st March 2023`**
`31.3.23`
`31.3.22`
`£`
`£`
`178,791`
`183,199`
`1,229`
`691`
`-`
`1,739`
`(36,298)`
`14,416`
`8,523`
`5,882`
`152,245`
`205,927`
`12,533`
`26,220`
`1,170`
`2,612`
`1,895`
`1,808`
`907`
`1,237`
`1,205`
`1,537`
`115`
`104`
`6,704`
`13,227`
`1,113`
`1,518`
`25,642`
`48,263`
`450`
`1,029`
`6,010`
`6,227`
`184,347`
`261,446`
`3,841`
`(29,313)`| |---|---| ``` This page does not form part of the statutory financial statements ``` ``` Page 23 ```